The Problem Presented A marketing company’s accountant approached us as their client was receiving pressure from HMRC concerning their outstanding PAYE and corporation tax. The company was experiencing financial difficulty after investing large sums of money into their marketing pitches which turned out to be unsuccessful in winning them new business. The directors wanted to […]

According to the Asset Based Finance Association (ABFA), UK SMEs are currently owed a combined total of £67billion in unpaid invoices. ABFA’s research suggests that British SMES now have to wait longer for their invoices to be paid than they did back in 2009, at the height of the recession. This represents an increase of […]

Many people hear the word liquidation and automatically think it is a negative process for businesses that are in trouble and suffering from insolvency through the fault of the directors. This article is going to explain the different reasons as to why insolvency occurs and highlight just how helpful a liquidation process can be for […]

No business can survive without enough cash to meet its immediate needs, regardless of whether the company has healthy order books and profit margins. Management must have an understanding of the amount of cash flow required to operate their business and this must be an ongoing understanding from the management. If they are looking for […]

2016 will see the current director conduct report issued by office-holders during insolvency proceedings replaced by a single online form submitted by the office-holder to the Secretary of State. Starting next year, the current director conduct reports; statutory D1 & D2 forms, will be scrapped and replaced with this new streamline report. This new report […]

In the 12 months ending Q2 2015, 1 in 207 active companies went into liquidation. This is a drop from 1 in 200 which was the figure at the 12 months ending Q1 2015 and 1 in 177 in the 12 months ending Q2 2014. These figures relate to the improvement in the UK economy […]

During the summer budget that was announced in July 2015 the Chancellor announced a change to the way dividends are to be taxed. From April 2016 the new rules are set to come into force where a 7.5% increase in tax is to be charged on any dividends taken from a business that exceed £5,000 […]

Yesterday saw Chancellor, George Osbourne give the Summer Budget 2015. In his opening statement, George Osbourne explained that this is a Budget that puts security first and recognises the hard work and sacrifice of the British people over the last five years; it will be a budget for working people. Below are 8 key […]

The Problem Presented We were approached by a company’s accountant who explained their client was experiencing severe cash flow difficulties with their online retail company. Unforeseen rapid growth led to problems within the company’s infrastructure specifically with their stock management. The cash flow pressure they were experiencing was coming from HMRC and some of their […]

The Company was an IT consultancy business and had traded for around 10 years. The Director was a sole Director and Shareholder. The Director of the company advised that the company was solvent and had been a very successful company throughout the trading history. The company had only two creditors, their accountants for accountancy fees […]